China Unveils Blockchain Research Center to Train Half a Million Professionals
China has officially opened its national blockchain research centre, which is a significant development. The nation has set an ambitious goal for this project to train 500,000 blockchain specialists shortly. China has strict laws against cryptocurrencies, but it recognizes the value of blockchain technology and wants to make the most of it. This action demonstrates China’s determination to lead the world in blockchain research and development.
China Launches Blockchain Research Center to Boost Digital Economy
According to a post from state-run media source Xinhua, the research centre, which is based in Beijing and has received approval from the Chinese Ministry of Science and Technology, will collaborate with universities, research centres, and businesses to train staff and assist China’s digital economy. According to the article, the institute also plans to create a national-level blockchain system that would link Chinese blockchains already in existence and help different companies.
The Beijing administration placed data from over eighty ministries online in January to better organize and secure social data and government operations. The opening of the brand-new centre is the most recent move in the Chinese government’s intentions to promote blockchain industrial application, which it has attempted to differentiate from digital assets, which is its most well-known use case. While non-fungible tokens, or NFTs, have been permitted under the umbrella of “digital assets” provided they are only purchased with yuan and are not resold for profit, trading cryptocurrencies is completely forbidden in mainland China.
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When President Xi Jinping backed blockchain technology in 2019, the government turned its attention to the technology’s development. The Chinese state body published a five-year plan in 2021 that named blockchain to be one of the country’s digital economy’s seven key development sectors. Consumers will be able to trade bitcoins with substantial market capitalizations, including bitcoin and ether, under a new required licensing program for cryptocurrency exchanges that goes into effect on June 1.
China Pacific Insurance CEO Advises Against Overinterpreting Hong Kong Policy Changes
The founder and CEO of the government-backed China Pacific Insurance (CPI), CPIC Investment Management Hong Kong, Zhou Chenggang, advised people against interpreting recent policy developments in Hong Kong as having significant implications for the Chinese mainland. According to Chenggang, there is no sign that the policies would alter and they will continue to be distinct from one another.
